Baker Hughes oil rigs -2 in the current week to 499

<p>The weekly Baker Hughes rig count data is showing:</p><ul><li>Oil rigs -2 to 499</li><li>Gas rigs -1 to 117</li><li>Total rigs -2 to 619..</li></ul><p>The price of WTI crude oil is trading up $0.50 or 0.69% at $72.52. That is well-off the high price of $75.25. The low price today has reached $72.36. </p><p>The move to the upside was helped by geopolitical risks from the Middle East. The US and UK conducted airstrikes against Houthi rebel targets in Yemen. The military actions were a response to the Houthi rebels' attacks on ships in the Red Sea since November. As per expectations, the Houthi deputy foreign minister warned that the US and UK will "pay a heavy price" for what they describe as "blatant aggression." Both Iran's foreign ministry and the Iran-backed Lebanese armed group Hezbollah have condemned the airstrikes. The Houthis have said they will continue targeting Israel-linked ships in the Red Sea. President Biden hinted at the possibility of additional measures to protect international commerce and US interests.</p><p>The market has taken out that gains over the last few hours of trading . The ups and downs continue despite the risks</p>

This article was written by Greg Michalowski at www.forexlive.com.